Reads all positive for PGM
HowFANTASTIC it would be to get back more or all of Munni Munni hey
We were due a tech retrace but am surprised ARV aint falling on this today. PGM seem to have everything to gain and nothing to lose here. And I'm sure our major shareholders would be guiding CN as to the fine points of the deal. I remember past conversation with RM at the time of the sale that there was in place a pre-emptive right of refusal re any proposed disposal by ARV. Wonder if the new directors of ARV did proper DD on the terms of agreement on MM
LOVE to increase our share of MM in today's market.Corporate Update issued by PGM Today
Platina Resources Ltd (Platina, ASX: PGM)provides shareholders an update with respect to the Challa Gold, Skaergaard andMunni Munni projects.
Challa Gold Project Plana entered into a conditional agreement to acquire a100% interest in the Challa Gold Project located in-between the prolific MtMagnet and Sandstone gold districts in Western Australia, 500km north-east ofPerth. The Challa gold tenements have now been granted. The transfer of thelicences from Corporate & Resource Consultants Pty Ltd and Bruce Legendre(Vendors) to Plana requires Mines Minister approval and this is expected tooccur shortly. Platina isnow finalising plans to commence field activities which includes a low-costRotary Air Blast (RAB) drilling program to test primary targets.
Skaergaard Project On 1 June 2020, Plana announced a conditionally binding saleand purchase agreement with Major Precious Metals Corp. (formerly Eastern ZincCorp.) ("Major") whereby Major will acquire a 100% interest inPlana's wholly owned exploration licences, EL2007/01 and EL2012/25, by paymentto Plana of C$0.5 million in cash and issuing 55 million common shares (basedon a Major share price of 35 cents, equates to AUD 21 million in value) in thecapital of Major to Plana. Platina will become a significant shareholder ofMajor and have the right to appoint a board member. The transaction isprogressing towards completion but remains subject to finalisation of a numberof conditions precedent. This includes a Greenland Minerals Act requirementthat the Mines Minister approves the transfer subject to certain technical andfinancial conditions. Theapplication process was completed last week and includes a consultation andministerial approval process.
MunniMunni (Plana 30%) Platina advises that it hascommenced proceedings in the Supreme Court of Western Australia against ArtemisResources Ltd (Artemis) and its subsidiary Munni Munni Pty Ltd. (Munni Munni)Platina is a party with both Artemis and Munni Munni to a Heads of Agreemententered into on 4 August 2015 (Heads of Agreement), as varied from time to timein relation to the Munni Munni project in Western Australia.
2Platina considers that each of Artemis and Munni Munni has breached the Headsof Agreement by reason of Artemis entering into contractual arrangements withthe UK, AIM listed company Empire Metals Limited and Almeera Ventures Limited,and is seeking various relief, including an order that it is entitled toexercise its right to buy back Artemis’ and Munni Munni’s respective interestsin the Munni Munni project. Platina willupdate the market as the matter progresses.
OWEP
